Emmanuel Macron
Climate love
Climate love
Joseph Githinji
60 w
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France, US to propose ban on private finance to coal-fired plants at COP28
France, backed by the United States, plans to seek a halt to private financing for coal-based power plants during the U.N. climate conference that will convene from 30 November to 12 December 2023 in Dubai, United Arab Emirates (UAE).
The plan has been communicated toIndia and China who has been seen opposed to any attempt to block construction of coal-fired power stations for their energy-hungry economies.
France's minister of state for development Chrysoula Zacharopoulou told the Indian government about the plan, called the "New Coal Exclusion Policy", for private financial institutions and insurance companies, two Indian officials said.
An attempt by Reuters to seek for a response from India's environment, power and renewable energy, coal, external affairs and information ministries, the OECD and the French embassy in New Delhi they was deemed futile.
A source in Europe familiar with the plan said the aim was to dry up private funding for coal power and that it was a top priority for French President Emmanuel Macron during COP28, seen as a crucial opportunity to accelerate action to limit global warming.
Read more: https://www.reuters.com/sustainability/sustainable-finance-reporting/france-us-propose-ban-private-finance-coal-fired-plants-cop28-sources-2023-11-21/
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51 w
Private finance should highly be condemned especially when the support is based to anything affecting the climate.
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54 w
Good example
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59 w
These are remarkable plans
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59 w
@esther_wanjiku_785 I agree 👍
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59 w
These are great recommendations by the two nations
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59 w
@Kevin they are good for the environment
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60 w
France and US are leading a good example, other nations should support these banning too
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@elizbeth_gathigia I support this.
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56 w
@elizbeth_gathigia The bans should be followed and upheld.
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60 w
When such developed countries come together for the good of climate change it's really encouraging
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@johnte_ndeto Indeed, collaborative efforts among developed countries to address climate change are inspiring.
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This move aligns with the growing consensus to address climate change and encourages a shift towards cleaner energy sources.
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France and the United States are jointly proposing a significant move at COP28 by seeking a ban on private financing for coal-fired power plants. This initiative, named the "New Coal Exclusion Policy," aims to restrict financial support from private institutions and insurance companies for such projects. The plan has been shared with India and China, nations with energy-intensive economies that have previously opposed restrictions on coal-fired power stations. The move reflects a commitment to limit global warming and aligns with the priorities of French President Emmanuel Macron during COP28. The proposal underscores the global effort to combat climate change by targeting financial avenues supporting coal power.
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@rukia_ahmed_abdi Global cooperation is essential to effectively tackle the challenges of climate change and create a more sustainable future.